The global medical imaging market was valued at USD 28.1 billion in 2021 and it is predicted to surpass around USD 47.6 billion by 2030 with a CAGR of 6.03% from 2022 to 2030.
Increasing demand for advanced diagnostic systems in developing countries and growing trends of market player collaborations are some of the key factors driving the market.
Developing countries have shown a surge in the volume of imaging procedures in the past few years. The low density of installed imaging systems in these regions is expected to provide significant growth potential during the forecast period. Favorable government policies and booming medical tourism in these countries are expected to attract global market players in the untapped market. The integration of multiple imaging modalities is expected to play an important role in market growth. These systems have accurate diagnostic capabilities and are available at affordable prices. The integration of imaging modalities with surgical suites is anticipated to open a new avenue for the market at the global level.
The development of portable diagnostic tools is important to expand the applications of imaging devices in ambulatory care, clinics, and emergency care departments. Handheld ultrasound devices provide quick and safer images that are critical in emergency care. Ongoing trials and studies to explore the potential of MRI technology for the early detection of neurological conditions are showing positive results. The development of new radiofrequency coils is anticipated to expand these applications during the forecast period.
Scope of The Report
|Market Size in 2021||USD 28.1 billion|
|Revenue Forecast by 2030||USD 47.6 billion|
|Growth rate from 2022 to 2030||CAGR of 6.03%|
|Forecast Period||2022 to 2030|
|Segmentation||Product, end-use, region
|Companies Covered||GE Healthcare; Koninklijke Philips N.V.; Siemens Healthineers; Koninklijke Philips N.V., Canon Medical Systems Corporation, Mindray Medical International, Esaote, Hologic, Inc., Samsung Medison Co., Ltd., Koning Corporation, PerkinElmer Inc., FUJIFILM VisualSonics Inc., Cubresa Inc.|
The ultrasound segment dominated the global market in 2021 and accounted for the largest share of more than 28.00% of the global revenue. The segment is expected to maintain its lead during the forecast period. The segment growth can be attributed to the rising number of ultrasound applications. Recent developments in advanced ultrasound transducers have opened new avenues for ultrasound devices in biomedical and cardiovascular imaging. Moreover, a high focus on the development of portable ultrasound devices is expected to expand the applications of this modality in ambulatory as well as emergency care. The integration of Artificial Intelligence (AI) into ultrasound systems to automate the process of image quantification and selection, is also expected to influence the market growth.
The CT segment is expected to witness the fastest CAGR during the forecast period. CT systems are one of the primary diagnostic tools for COVID-19 patients. High demand for Point of Care(POC) CT devices and the development of a high-precision CT scanner by the integration of AI & ML and advanced visualization systems are the principal factors driving the segment. In October 2019, Canon received the U.S. FDA nod for its Advanced Intelligent Clear-IQ Engine (AiCE), an AI technology for integration with its Aquilion Precision scanner. The technology helps in achieving precision diagnostic without the need to increase the dose. GE Healthcare, in March 2020, increased its manufacturing capacity by opening new production facilities, to meet the growing demand for advanced imaging tools, especially during the COVID-19 pandemic.
The hospital end-use segment dominated the global market in 2021 and accounted for the largest share of more than 47.00% of the overall revenue. Rising demand for advanced imaging modalities and the integration of surgical suits with imaging technologies are some of the factors driving the segment growth. Some of the countries in developed regions have shown a sharp rise in demand for these modalities in teaching hospitals as compared to general or special hospitals. However, developing countries in the Asia Pacific region have shown a steep rise in the number of new hospitals.
This can be attributed to the entry of multinational healthcare service providers. Healthcare service in these countries is dominated by private players. New hospitals generally provide dedicated space for imaging modalities. Rising competition and increasing demand for world-class healthcare services are the factors expected to fuel the segment growth in the coming years. The diagnostic imaging segment is estimated to mark the highest growth rate due to the increased adoption of advanced technology, improved infrastructure, and high funding for the growth of these centers.
North America dominated the overall market in 2021 and accounted for the largest share of more than 33.00% of the global revenue. The presence of a large number of industry players and the high frequency of new product launches within the region are the factors contributing to the regional market growth. The region exhibits high adoption of advanced, high-end medical imaging equipment due to favorable reimbursement scenarios and funding from market players. North America accounts for the highest spending on healthcare, in terms of GDP, with the U.S. spending nearly 19.7% of GDP on healthcare as of 2020.
The aforementioned factors, coupled with the increasing aging population, a rise in the cases of chronic diseases, and the growing trend of preventive diagnostic practices, are expected to drive the regional market. On the other hand, the regional market in the Asia Pacific is anticipated to grow at the fastest CAGR during the forecast period owing to the rising incidences of chronic diseases and high demand for advanced imaging devices. An increasing number of local manufacturing units is expected to provide moderately-priced diagnostic units, thus helping in this price-sensitive, underpenetrated market space.
Non-Surgical Rhinoplasty Market (By Application: Indentations, Convex or concave nose, Asymmetry; By Type; By End-use) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030Read more...
U.S. Urgent Care Market (By Application: Acute Respiratory Infection, Injuries, Joint/Soft Tissue Issues; By Ownership) - Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030Read more...
Glaucoma Surgery Devices Market (By Product: Glaucoma Drainage Device, Laser System; By Surgery Method; By End User) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030Read more...
Transcatheter Aortic Valve Replacement Market (By Procedure: Transapical, Transfemoral, Transaortic)- Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030Read more...
Bioadhesive Wound Care Market (By Type: Fibrin Based Bioadhesive, PEG Based Bioadhesive, Cyanoacrylate Based Bioadhesive; By Application) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030Read more...